Smart Transportation Market

Smart Transportation Market Insights

Smart transportation is defined as the incorporation of advanced technologies to produce innovative services to accommodate substantial transport and traffic management systems. It can also be termed as intelligent transport solutions (ITS). The purpose of the market is to transform conventional into time and fuel-saving transportation systems. With the second wave of COVID19, the cases have been higher than earlier posing a threat to the development of the transportation industry. To curb global recession, constant government initiatives have been assisting to stabilize the downfall of the market. The before-mentioned actions are projected to empower the global smart transportation market in the outlook period.

According to the analysis conducted by GME, the smart transportation market is expected to register a significant acceleration of 10.6% during the forecast period (2020-2026).

The restraints of the market are primary installation prices and deficiency of standardization that may affect the consistent momentum of the market yet, market transformation by electrification, increasing capital investments towards smart city projects, and usage of modern technologies to improve user experience are some of the factors supplementing to the impulse of the global smart transportation market.

Smart Transportation Market: By Type of Transportation Mode

Roadways, railways, airways, and maritime are the various transportation mode contemplated in the global market. The segment to account for the largest market size are roadways. Roadways are the medium of transportation done by the means of the road to reach from one place to another. Vehicles utilized in road transportation are 2,3, or 4 wheeled vehicles such as motor vehicles, cars, vans, and trucks respectively. Increasing quandaries by traffic congestion leading to pedestrians and passengers’ inconvenience are one of the major drivers emerging to serve the steady evolution of the global smart transportation market. With the increase in traffic congestion, smart ticketing, parking management, traffic management, and passenger information are proving to be the solutions to intensify the consumer experience traveling via roadways. The implementation of roadway solutions can be associated with an increase in manufacturing units of smartphones in countries like India, Singapore, and China.

Smart Transportation Market: By Type of Communication Technology

Based on the segment, the market bifurcation can be seen as communication technology in roadways,  railways, airways, and maritime. Communication technology in roadways is seen to be growing the fastest in the forecast period. An increase in e-commerce industries and the use of computerized trucks for delivery systems are the major accentuators of the smart transportation market. The accelerating factors adding to the growth of the market can be dependent on the modernization of network infrastructure for better connectivity.

Smart Transportation Market: By Type of Application

Mobility as a service, route guidance, route information, transit hubs, connected cars, public transport, video management, and others are the distinct types of applications seen in the smart transportation industry. Public transportation is set to lead the global market within 2020-2026. An increase in urban population and demand in the need to commute for day to day activities are the fundamental thrusters for the segment in the global market. An increase in retail stores, educational institutions, corporate parks, and government offices for the development of the economy in technologically advancing countries behave as the supporting agents to the factors assisting the market.

Smart Transportation Market: By Region

Based on the geographical analysis, the Asia Pacific region is regarded to promote racing intensification during the forecast period. The need for improvement towards conventional transportation systems, constant depletion of non-renewable energy, and increasing greenhouse-gas emissions are the prominent propellors of the global smart transportation market.

Smart Transportation Market Share and Competitor Analysis

Huawei Technologies Co. Ltd., Siemens AG, Cisco Systems Inc., SAP, Cubic Corporation, Thales Group, Toshiba,  Saab AB, Veson Nautical, BASS Software, IBM Corporation, Alstom, Harris Corporation, Bombardier Inc, Bentley Systems, Indra Sistemas, Trimble, TomTom International BV., Amadeus IT Group SA, Conduent, Kapsch, Hitachi Ltd., Descartes, Accenture, and DNV GL, and other industries are the dominant players in the global smart transportation market.

Please note: This is not an exhaustive list of companies profiled in the report.

In January 2020, Siemens collaborated with Arm to stimulate the prospect of mobility by redefining design capabilities for complex electronic systems. Through the partnership, it empowers automakers and suppliers to promote and approve differentiated safety enabled systems, Integrated Circuits, and software solutions.

In April 2019, IBM Corporation collaborated with Sund & Bælt to promote AI-Powered IoT solutions to support customers to regulate and monitor bridges, subways, expressways, and railways.